Citigroup Cuts Appian (NASDAQ:APPN) Price Target to $40.00

Appian (NASDAQ:APPN - Free Report) had its price objective lowered by Citigroup from $53.00 to $40.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

APPN has been the subject of a number of other research reports. Barclays lowered their target price on Appian from $37.00 to $28.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. Scotiabank began coverage on shares of Appian in a research report on Monday, January 6th. They issued a "sector perform" rating and a $37.00 price objective for the company. Morgan Stanley dropped their price objective on shares of Appian from $35.00 to $27.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. KeyCorp restated a "sector weight" rating on shares of Appian in a research note on Tuesday, January 14th. Finally, DA Davidson dropped their price target on shares of Appian from $40.00 to $28.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Appian currently has a consensus rating of "Hold" and a consensus target price of $34.14.

Appian Trading Up 2.1 %

Shares of Appian stock traded up $0.63 during mid-day trading on Tuesday, hitting $31.32. 422,644 shares of the stock were exchanged, compared to its average volume of 554,835. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -24.86 and a beta of 1.78. Appian has a twelve month low of $24.00 and a twelve month high of $43.33. The company has a 50-day simple moving average of $29.82 and a 200 day simple moving average of $33.35.

Appian (NASDAQ:APPN - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.11). Appian had a negative return on equity of 532.05% and a negative net margin of 14.95%. The business had revenue of $166.70 million for the quarter, compared to analysts' expectations of $164.31 million. During the same quarter last year, the company posted $0.06 earnings per share. The business's quarterly revenue was up 14.7% compared to the same quarter last year. Equities research analysts forecast that Appian will post -0.28 earnings per share for the current fiscal year.

Insider Activity at Appian

In other Appian news, Director Albert G.W. Biddle III sold 990 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $33.21, for a total transaction of $32,877.90. Following the completion of the sale, the director now owns 29,348 shares in the company, valued at $974,647.08. The trade was a 3.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Abdiel Capital Advisors, Lp sold 78,528 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $26.49, for a total transaction of $2,080,206.72. Following the completion of the transaction, the insider now owns 9,942,140 shares in the company, valued at approximately $263,367,288.60. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,510 shares of company stock valued at $6,648,635 over the last three months. 44.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Appian

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. lifted its holdings in shares of Appian by 5.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 8,200 shares of the company's stock worth $270,000 after purchasing an additional 400 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Appian by 27.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 2,300 shares of the company's stock valued at $76,000 after buying an additional 500 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Appian during the fourth quarter valued at $35,000. Handelsbanken Fonder AB grew its position in shares of Appian by 14.7% during the fourth quarter. Handelsbanken Fonder AB now owns 8,600 shares of the company's stock worth $284,000 after acquiring an additional 1,100 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in shares of Appian by 8.0% during the fourth quarter. MetLife Investment Management LLC now owns 24,325 shares of the company's stock worth $802,000 after acquiring an additional 1,809 shares during the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

Appian Company Profile

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.